Tinubu approves takeoff of consumer credit scheme

President Bola Tinubu has approved the takeoff of the first phase of the Consumer Credit Scheme.

Presidential spokesman, Ajuri Ngelale, in a statement Wednesday, said the scheme was expected to assist citizens enhance their quality of life by accessing goods and services upfront and “paying responsibly over time and facilitates crucial purchases such as homes, vehicles, education and healthcare essential for ongoing stability to pursue their aspirations.”

He explained that through responsible repayment, “Individuals will build credit histories, unlocking more opportunities for a better life. Additionally, the increased demand for goods and services stimulates local industry and job creation.”

He further said that the president believed every hardworking Nigerian should have access to social mobility, with consumer credit playing a pivotal role in achieving the vision.

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Part of the statement reads: “The Nigerian Consumer Credit Corporation (CREDICORP) will strengthen Nigeria’s credit reporting systems, ensuring every economically active citizen has a dependable credit score. This score becomes personal equity they build, facilitating access to consumer credit.”